&imwidth=800&imheight=600&format=webp&quality=medium "Why did Sensex and Nifty end the day on a high note? What experts say")
India's stock markets closed after a stellar show on Wednesday, riding on buoyant investor sentiment because of the anticipation of the US federal rate cut, and US President Donald Trump calling Indian PM Narendra Modi on the latter's birthday.Sensex today closed at 82,693.71 points, 313.02 points or 0.38 per cent above the previous figures.Nifty settled at 25,330.25 points, up 91.15 points or 0.36 per cent.Auto, FMCG, PSU bank, oil and gas sectoral indices rose the most, while metal and consumer durables declined the most in the National Stock Exchange (NSE).
Vinod Nair, Head of Research, Geojit Investments Limited, said that strong domestic inflows, currency stability, and favourable geopolitical dynamics continue to create a constructive near-term outlook for the market.
He said that the Indian markets' upward momentum was maintained because of therevival of India-US trade talks and efforts to strengthen bilateral ties.
Meanwhile, Urban Company's listing was the highlight of the day. The share jumped 64 per cent from its issue price. At the close of the day, it wastrading at Rs 169 apiece.
"Strong listing was above our expectations; despite listing pop, Urban Company presents a compelling long-term structural story and can serve as a proxy for the growing demand in the home services segment across its key geographies," noted Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
India-US trade talks
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A team of US officials, led byAssistant US Trade Representative for South and Central Asia, Brendan Lynch, had "positive and forward-looking" discussions on Tuesday with the officials from India's Department of Commerce.
This was weeks after the US imposed a 50 per cent tariff on Indian exports.
"Encouraging signals from India-US trade talks rekindled buying interest across sectors. The focus of market participants will now shift squarely to the US Federal Reserve's policy outcome and outlook later tonight, with markets widely pricing in a 25-basis point rate cut," Sudeep Shah, Head - Technical Research and Derivatives at SBI Securities, said.